Exports Of Soyabean Meal From India To Reach 14L Tonne In Current Oil Year: SOPA
Date
4/12/2023 2:10:35 PM
(MENAFN- KNN India)
Exports of Soyabean meal from India to reach 14L tonne in current oil year: SOPA Indore, Apr 12 (KNN)
The
soyabean meal exports from India are expected to touch 14 lakh tonne in the oil year 2022-2023, said Soybean Processors Association of India (SOPA) executive director DN Pathak.
The oil year 2022-2023 began in October 2022 and will end in September 2023.
“We expect to achieve slightly better exports in soybean meal in the oil year 2022-23 at 14 lakh ton,” he said.
As per reports, a rise in the demand from South East Asian buyers has pushed exports of soyabean meal from India.
Countries like Vietnam, Sri Lanka, Nepal and Bangladesh have also emerged as major buyers for Indian origin soyabean meal.
Soyabean meal exports during October to March stood at 9.9 lakh ton. Exports of soyabean meal in the corresponding period last year were 4.7 lakh ton, according to data compiled by SPOA.
In March, soyabean meal exports were 2 lakh ton as against 48,000 ton in the same period a year ago, SOPA said in a statement.
Arrivals of soyabean has declined in the spot market in March as compared to the previous month, the data showed.
The association's executive director said that farmers have held back stocks due to a decline in soyabean prices and this has hit arrivals in the spot market in March, reported TOI.
“Soybean crushing was also lower than expected in March and demand for soybean food products also saw a drop,” he added.
Madhya Pradesh is a leading soyabean producing state contributing over 70 per cent to total national output.
(KNN Bureau)
MENAFN12042023000155011030ID1105994739
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.